June 27, 2018

Korea Morning Focus

Company News & Analysis Major Indices Close Chg Chg (%) Interpark (108790/Trading Buy/TP: W8,000) Lower TP KOSPI 2,350.92 -6.96 -0.30 Weak 1H18, better 2H18 KOSPI 200 302.76 -0.61 -0.20 KOSDAQ 831.40 -4.60 -0.55 Hyundai Steel (004020/Buy/TP: W72,000) Impact of increase in US-bound HRC export quota Turnover ('000 shares, Wbn) Volume Value KOSPI 460,975 6,330 KOSPI 200 93,125 4,545 KOSDAQ 650,106 3,742

Market Cap (Wbn) Value KOSPI 1,570,772 KOSDAQ 272,128

KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,632 1,980 -348 Institutional 1,485 1,268 217 Retail 3,191 3,072 119

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 378 433 -55 Institutional 172 194 -21 Retail 3,188 3,114 74

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,479 1,593 -114 KOSDAQ 167 172 -6

Advances & Declines Advances Declines Unchanged KOSPI 253 574 61 KOSDAQ 426 730 81

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Electronics 47,000 350 520 Hynix 84,300 -500 450 KODEX LEVERAGE 15,160 -40 237 Bolak 4,165 725 235 29,200 -1,050 220

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value EDGC 11,100 2,100 309 Daea TI 8,050 -990 201 Healthcare 109,800 -500 86 SillaJen 77,000 1,700 77 HLB 100,000 -2,200 67 Note: As of June 26, 2018

Mirae Asset Daewoo Research This document is a summary of a report prepared by Mirae Asset Daewoo Co., Ltd. (“Mirae Asset Daewoo”) and published on our website. Please review the compliance notices contained in the original report. Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information and opinions contained in this document. Mirae Asset Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed or published in whole or in part for any purpose.

Interpark (108790 KQ) Weak 1H18, better 2H18

Internet Shopping 1H18: Earnings deterioration; Unfavorable seasonality in 2Q Company Update We expect Interpark’s earnings to worsen YoY in 1H18.

June 27, 2018 1Q18: Interpark recorded an operating loss of W2.5bn in 1Q18, largely because of deepening losses at the shopping and book units, where revenue fell 7% and 1% YoY,

respectively. However, the competitively positioned tour and entertainment units continued to grow, with revenue up 7% and 8% YoY, respectively. (Maintain) Trading Buy 2Q18: We are also cautious on earnings in the seasonally weak 2Q18. The tour unit benefited from long holidays in May last year, but there are fewer holidays in 2Q18. Target Price (12M, W) ▼ 8,000 For the entertainment unit, we see a short-term void in in-house productions.

Share Price (06/26/18, W) 6,950 2H18: Earnings to improve; Bullish on entertainment and tour We expect Interpark to see sequential earnings improvement and deliver a profit in Expected Return 15% 2H18.

Entertainment: A number of internally produced musicals are lined up in 2H18. We OP (18F, Wbn) 11 believe most of them have strong commercial appeal and will therefore positively Consensus OP (18F, Wbn) 14 contribute to earnings. Musicals Frankenstein (June-August) and The Man Who Laughs (July-October) are set to open in 3Q18. As of the last week of June, The Man Who EPS Growth (18F, %) -43.7 Laughs was no. 1 on the list of the most popular musical shows on Interpark Ticket, Market EPS Growth (18F, %) 12.9 followed by Frankenstein. There is a lot of hype surrounding The Man Who Laughs, P/E (18F, x) 48.8 whose cast includes Park Hyoshin and Suho (from the group Exo). Meanwhile, Market P/E (18F, x) 9.1 Frankenstein is being produced by Interpark’s subsidiary NCC, which recently raised KOSDAQ 831.40 US$1mn from a Chinese investor for the musical. Market Cap (Wbn) 230 Several in-house productions with proven commercial success will premiere in 4Q18 Shares Outstanding (mn) 33 (beginning in November), including Phantom and Elisabeth. Phantom’s previous run Free Float (%) 30.9 from November 2016 to February 2017 helped the entertainment unit deliver record Foreign Ownership (%) 8.4 OP margins (22% in 4Q16 and 17% in 1Q17). During Elisabeth’s prior run from June to Beta (12M) 0.30 September 2015, the entertainment unit posted a solid OP margin of 13%. 52-Week Low 6,910 52-Week High 11,350 Tour: This year, travel demand will be concentrated in 3Q18. We will see summer vacation demand in July-August and long-haul travel demand during the Chuseok (%) 1M 6M 12M holiday in September. This stands in contrast to last year’s holidays, which were more Absolute -3.7 -25.9 -38.2 spread out, with long holidays in May (2Q17) and Chuseok holidays in October (4Q17). Relative 0.5 -32.1 -50.3 Maintain Trading Buy and cut TP to W8,000 150 Interpark KOSDAQ 130 We maintain our Trading Buy rating on Interpark and cut our target price to W8,000 (from W11,000). In 1H18, the company’s shares came under pressure due to weaker 110 earnings, coupled with its failed lottery contract bid. In 2H18, the shopping and book 90 units are likely to remain in the red, but earnings should bottom out, supported by 70 peak-season effects at the tour unit and a stronger lineup at the entertainment unit. 50 6.17 10.17 2.18 6.18

Mirae Asset Daewoo Co., Ltd.

[ Internet/Game/Advertising] FY (Dec.) 12/15 12/16 12/17 12/18F 12/19F 12/20F

Revenue (Wbn) 402 466 483 516 536 556 Jee-hyun Moon +822-3774-1640 OP (Wbn) 23 9 16 11 12 14 [email protected] OP margin (%) 5.7 1.9 3.3 2.1 2.2 2.5

NP (Wbn) 17 2 8 5 5 6 EPS (W) 516 71 253 142 163 173 ROE (%) 10.5 1.4 5.0 2.8 3.2 3.3

P/E (x) 44.3 144.3 36.8 48.8 42.7 40.2 P/B (x) 4.4 2.0 1.8 1.4 1.3 1.3 Dividend yield (%) 1.1 1.0 1.6 1.4 1.4 1.4 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

June 27, 2018 Interpark

Earnings forecasts Table 1. Annual earnings trend and forecast (Wbn, %) 2014 2015 2016 2017 2018F 2019F GMV 2,627 2,953 3,316 3,542 3,779 3,987 Tour 1,247 1,482 1,730 1,833 1,943 2,040 Entertainment 527 566 603 711 796 876 Shopping 621 721 802 835 868 903 Books 232 183 180 163 171 168 Revenue 407 402 466 483 516 536 Tour 61 81 93 103 109 114 Entertainment 87 81 115 136 152 167 Shopping 71 78 80 84 87 90 Books 189 162 178 160 168 165 Operating 17 23 9 16 11 12 profit OP margin 4.2 5.8 2.0 3.4 2.1 2.2 Tour 11 15 3 16 14 15 Entertainment 15 10 15 12 20 17 Shopping -2 0 -3 -2 -4 -5 Books -7 -1 -6 -10 -18 -15 Net profit 11 17 3 9 5 6 Net margin 2.7 4.1 0.5 1.8 1.0 1.1 YoY GMV 14.3 12.4 12.3 6.8 6.7 5.5 Tour 35.3 18.9 16.7 5.9 6.0 5.0 Entertainment -1.3 7.4 6.6 17.8 12.0 10.0 Shopping 4.2 16.1 11.2 4.1 4.0 4.0 Books -6.1 -21.1 -1.6 -9.5 5.0 -2.0 Revenue 5.6 -1.3 16.0 3.4 6.9 4.0 Tour 52.4 33.5 14.7 10.6 5.5 5.0 Entertainment 39.0 -6.7 42.6 17.4 12.2 10.0 Shopping 26.9 10.0 3.1 4.7 3.6 4.0 Books -17.1 -14.3 9.6 -9.9 4.9 -2.0 Operating -16.3 37.0 -60.3 74.6 -29.7 9.1 profit OP margin 70.1 28.9 -80.3 444.8 -10.5 5.0 Tour 14.6 -31.5 50.0 -22.9 67.5 -15.4 Entertainment TTR RR RR RR RR RR Shopping RR RR RR RR RR RR Books -15.6 50.8 -84.9 251.1 -42.8 14.7 Notes: Based on consolidated K-IFRS; net profit is attributable to controlling and non-controlling interests; one-off gain of W4.2bn reflected in 1Q17 Source: Company data, Mirae Asset Daewoo Research estimates

Table 2. Earnings forecast revisions (Wbn, W, %) Previous Revised % chg. Notes 18F 19F 18F 19F 18F 19F

Revenue 528 545 516 536 -2.3 -1.6 Revised down tour/book estimates Operating Revised up labor and promotional expense 31 33 11 12 -63.1 -62.2 profit estimates Net profit 17 19 5 6 -70.4 -69.6 Revised up non-operating expense estimates EPS 518 563 142 163 -72.6 -71.0 OP margin 5.9 6.1 2.1 2.2 Net margin 3.2 3.5 1.0 1.1 Notes: Based on consolidated K-IFRS. Source: Company data, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research June 27, 2018 Interpark

Risk and valuation

The primary risk for Interpark is prolonged losses as a result of weaker competitiveness at the shopping and book units. Interpark Shopping has monthly unique visitors of 9.6mn, about half the traffic of top domestic shopping sites 11th Street and Gmarket. We forecast Interpark Shopping’s full-year operating loss to be around W4bn, which may appear modest (11th Street and WeMakePrice/Coupang/TMON are expected to record annual operating losses of at least W40bn and as much as W600bn). However, considering the competitive dynamics of the domestic online shopping market and the difficulty of differentiating services, we think it is unlikely Interpark Shopping will turn a profit anytime soon.

Interpark Book also faces structural challenges given the impact of the fixed pricing scheme adopted in 2014 and dwindling demand for textbooks following the repeal of the National Assessment of Educational Achievement program in 2017. In 4Q17, Interpark acquired Korea’s second largest wholesale book distributor Songin Books in an attempt to build scale. But for now, losses have actually increased, as it is taking time for operations to normalize.

On the other hand, the entertainment unit, which has competitive advantages and strong bargaining power, has been doing well, providing a cushion to earnings. Interpark Ticket holds a dominant position in the domestic market. Building upon its ticket selling business, the company has vertically integrated its performance operations across production, investment, and theater operation. The company attracted Chinese funds for musicals Frankenstein and Ben Hur in 1Q18, and its subsidiary Interpark Academy launched a K- pop/musical training center called Stage 631 in 2Q18. In 2H18, we expect internally produced musicals, such as The Man Who Laughs, Phantom, and Elisabeth, to positively contribute to earnings. Looking further to 2019, we anticipate the addition of Excalibur to the in-house production lineup, as well as ventures overseas.

Table 3. 12-month forward target price calculation (Wbn, x, ‘000 shares, W) Valuation Notes

Operating value (1) 200

2018F NP attributable to Target controlling interests multiple Applied low end of historical 12-month forward P/E band in light of weakened Consolidated 5 37.0 200 fundamentals due to wider losses from shopping and books

Investment asset value (2) 18 Available-for-sale financial 10 As of end-1Q18, consolidated assets Investments in affiliates 8 As of end-1Q18, consolidated

Total asset value (1+2=3) 218

Net debt (4) -22 As of end-1Q18, consolidated Net asset value (3-4) 240

No. of shares (‘000 shares) 33,128 Total shares outstanding Target price (W) 8,000 Rounded up Source: Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research

Hyundai Steel (004020 KS/Buy) Impact of increase in US-bound HRC export quota

Steel  Hyundai Steel’s US-bound HRC export quota increased by 370,000 tonnes  US HRC prices are 55% higher than prices in other regions Issue Comment  Exporting to the US would generate W100-150bn more profits than exporting to other June 27, 2018 regions

Mirae Asset Daewoo Co., Ltd. Fact: Hyundai Steel’s US-bound HRC export quota increases According to yesterday’s media reports, Hyundai Steel’s quota for hot-rolled coil (HRC) [ Advanced Materials/Metals] exports to the US has increased by 370,000 tonnes from 170,000 tonnes to 540,000 tonnes,

Jaekwang Rhee after POSCO handed over its 370,000 tonne quota to the company. +822-3774-6022 [email protected] has agreed to limit steel exports to the US to 70% of the 2015-17 average

export volume in return for an exemption from the 25% tariff imposed under Section 232 of the US Trade Expansion Act. For HRC, the quota has been set at 540,000 tonnes, based on the average exports during the past three years (780,000 tonnes). Of this quota, 370,000

tonnes was given to POSCO and the remaining 170,000 tonnes to Hyundai Steel.

POSCO relinquished its export quota because the steelmaker had already been diverting its US-bound HRC exports to the domestic market and other regions since 2016 due to its heavy duties (62.57%: anti-dumping duty of 3.89% and countervailing duty of 58.68%). Of note, Hyundai Steel is subject to a 13.38% duty (anti-dumping duty of 9.49% and countervailing duty of 3.29%). Impact: A W100-150bn profit gain

US HRC prices are currently 55% higher than the average price in other regions, as a result of tougher trade rules under Section 232 (US$1,000/tonne in the US vs. US$649/tonne in other regions as of June 22nd). Factoring in the 13.38% tariff, Hyundai Steel would still make 36% more profits from exporting its HRC products to the US than selling to other regions or the domestic market even if it pays 100% of its duties. (Generally, half of import duties are covered by exporters and the other half by importers.) Simply put, it is more advantageous for Hyundai Steel to export to the US as much as it can under its quota.

Using current steel prices in the US and other regions, we estimate Hyundai Steel would generate roughly W100-150bn more profits from exporting an additional 370,000 tonnes of HRC products to the US than selling them to other regions or domestically. As such, we believe the quota increase will provide a boost to the company’s profit margins.

As changes in US HRC prices could have a varying impact on earnings, we are keeping our Buy rating and target price of W72,000 on Hyundai Steel intact.

FY (Dec.) 12/15 12/16 12/17 12/18F 12/19F 12/20F Revenue (Wbn) 16,133 16,692 19,166 20,613 21,375 22,166 OP (Wbn) 1,464 1,445 1,368 1,355 1,406 1,458 OP margin (%) 9.1 8.7 7.1 6.6 6.6 6.6 NP (Wbn) 734 850 716 794 822 861 EPS (W) 5,866 6,371 5,366 5,952 6,156 6,454 ROE (%) 5.1 5.4 4.4 4.7 4.7 4.7 P/E (x) 8.5 8.9 10.9 9.3 9.0 8.6 P/B (x) 0.4 0.5 0.5 0.4 0.4 0.4 Dividend yield (%) 1.5 1.3 1.3 1.4 1.4 1.4 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

Mirae Asset Daewoo Research Key Universe Valuations June 27, 2018

※All data as of close June 25, 2018, unless otherwise noted.

18F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 18F 19F 18F 19F 18F 19F 18F 19F 18F 19F 005930 301,708 47,000 150.6 26.6 1.4 36.7 5.8 0.1 0.1 0.0 0.0 23.4 20.5 000660 SK Hynix 61,371 84,300 1.8 55.3 11.6 49.6 12.6 3.9 3.4 1.2 0.9 38.6 31.3 068270 Celltrion, Inc. 37,744 301,000 - - - - 0.0 0.0 005490 POSCO 29,818 342,000 2.3 20.8 3.5 31.6 3.3 8.1 7.9 0.6 0.6 8.2 7.9 005380 Hyundai Motor 28,526 129,500 3.1 -13.8 10.4 -8.7 15.8 10.0 8.7 0.5 0.5 5.2 5.6 207940 27,525 416,000 4.5 277.0 - 375.1 531.5 111.9 6.8 6.4 1.3 5.9 051910 LG Chem 24,601 348,500 1.7 -3.0 17.1 10.1 18.1 12.7 10.8 1.5 1.4 12.7 13.6 035420 NAVER 24,228 735,000 0.2 -1.3 35.7 0.7 34.6 31.1 23.1 3.6 3.2 15.2 17.4 051900 LG Household & Health Care 22,678 1,452,000 0.8 9.0 10.1 13.1 10.5 37.5 33.9 7.1 6.1 20.9 19.7 105560 KB Financial Group 22,620 54,100 19.0 5.7 6.6 3.7 6.3 6.1 0.6 0.6 10.2 9.9 028260 Samsung C&T Corporation 22,194 117,000 1.7 14.5 11.3 66.5 6.1 21.0 19.8 0.9 0.9 4.6 4.7 015760 KEPCO 22,148 34,500 -80.1 280.7 - - - 14.8 0.3 0.3 - 2.1 012330 21,221 218,000 1.6 -0.5 10.4 33.0 11.3 10.2 9.1 0.7 0.6 6.9 7.2 055550 21,149 44,600 19.1 4.4 14.4 4.2 6.3 6.1 0.6 0.6 10.0 9.8 032830 Samsung Life 19,960 99,800 - - - - 0.0 0.0 096770 SK Innovation 19,140 207,000 3.9 -13.7 0.1 -6.0 4.3 9.8 9.4 1.0 0.9 10.7 10.5 017670 SK Telecom 19,137 237,000 4.2 -17.7 3.5 -5.2 -7.3 7.8 8.4 0.9 0.8 13.2 11.2 090430 AmorePacific 18,181 311,000 0.6 16.7 20.7 23.6 19.5 44.1 36.9 4.7 4.3 11.2 12.2 034730 SK Holdings 18,118 257,500 1.6 4.6 7.0 26.5 6.1 8.6 8.1 1.1 1.0 14.5 13.6 018260 Samsung SDS 15,862 205,000 1.2 17.9 13.1 22.7 10.7 24.4 22.0 2.6 2.4 11.1 11.2 091990 Celltrion Healthcare 15,429 109,800 79.4 45.2 65.7 17.5 52.8 45.0 7.7 6.8 15.7 16.1 006400 Samsung SDI 15,403 224,000 0.4 321.8 65.3 12.8 41.6 21.3 15.0 1.3 1.2 6.4 8.6 033780 KT&G 14,210 103,500 4.4 -6.9 16.5 -12.8 13.5 14.0 12.3 1.8 1.6 13.1 14.3 066570 LG Electronics 13,730 83,900 0.8 52.4 18.3 49.5 18.1 5.9 5.0 1.0 0.8 17.8 17.7 251270 13,461 158,000 0.2 -18.2 7.0 -6.3 6.7 46.3 43.4 2.9 2.8 6.5 6.6 086790 13,136 43,750 23.5 8.1 17.5 7.2 5.4 5.0 0.5 0.5 9.6 9.4 000270 Motors 12,951 31,950 3.4 99.2 11.8 65.4 15.6 8.1 7.0 0.5 0.4 5.8 6.4 010950 S-Oil 12,947 115,000 5.0 9.6 38.7 -9.6 39.0 11.9 8.6 2.0 1.8 16.6 21.9 000810 Samsung F&M 12,460 263,000 - - - - 0.0 0.0 003550 LG Corp. 12,286 71,200 1.8 0.8 6.8 -21.5 7.1 6.7 6.2 0.7 0.6 11.1 10.8 011170 Lotte Chemical 12,065 352,000 3.0 -7.1 7.6 -0.7 11.8 5.4 4.8 0.9 0.8 18.1 17.5 009150 Samsung Electro-Mechanics 11,055 148,000 0.5 142.3 16.9 193.3 14.5 24.2 21.2 2.4 2.2 10.6 11.0 002790 AmoreG 9,936 120,500 0.4 24.5 12.2 30.3 7.7 40.5 37.6 3.2 3.0 8.5 8.5 024110 8,820 15,750 21.1 8.2 18.0 7.7 5.8 5.4 0.5 0.5 8.8 8.9 035720 Corp. 8,544 112,000 0.1 -39.5 76.0 -19.1 46.6 86.4 58.9 2.1 2.0 2.4 3.5 036570 NCSOFT 8,074 368,000 2.2 19.0 70.1 14.5 70.3 16.0 9.4 2.4 2.0 17.2 24.6 004020 Hyundai Steel 7,366 55,200 1.4 -0.9 3.7 10.9 3.4 9.3 9.0 0.4 0.4 4.7 4.7 010130 Korea Zinc 7,331 388,500 2.6 -2.6 2.9 7.8 4.8 10.8 10.3 1.1 1.0 10.9 10.5 030200 KT 7,233 27,700 3.6 -10.3 -0.3 30.1 18.3 11.7 9.9 0.6 0.5 5.2 5.9 139480 Emart 6,857 246,000 0.7 6.3 12.8 -27.1 18.6 15.3 12.9 0.8 0.8 5.4 6.1 000720 Hyundai E&C 6,726 60,400 0.8 -3.2 11.0 10.6 14.2 14.1 12.4 1.0 0.9 7.0 7.6 021240 Coway 6,524 88,400 4.6 10.9 5.4 13.2 4.2 18.0 17.3 5.3 5.1 35.6 34.8 034220 LG Display 6,512 18,200 2.7 - - - - - 11.3 0.5 0.5 - 4.1 036460 KOGAS 5,853 63,400 1.6 29.8 4.9 - 6.8 8.4 7.8 0.7 0.6 8.6 8.4 271560 Orion 5,851 148,000 0.5 172.8 13.3 54.9 16.9 29.3 25.1 3.9 3.4 14.3 14.6 032640 LG Uplus 5,851 13,400 4.1 -2.2 1.9 -7.7 0.9 11.6 11.5 0.9 0.8 8.5 7.4 018880 Hanon Systems 5,818 10,900 - - - - 0.0 0.0 023530 Lotte Shopping 5,807 206,500 2.5 35.9 16.3 - 124.1 26.4 11.8 0.5 0.4 1.7 3.8 097950 CJ CheilJedang 5,299 352,000 0.9 6.4 13.2 112.6 -59.9 6.5 16.2 1.3 1.2 23.1 8.2 078930 GS Holdings 5,166 55,600 3.2 -8.0 4.8 -2.6 5.3 5.5 5.2 0.6 0.6 11.8 11.3 Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research Market Data June 27, 2018

※All data as of close June 26, 2018, unless otherwise noted. Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 501.55 -4.71 -0.93 -9.49 USD/KRW 1,116.10 1,108.90 1,079.70 1,140.10 KOSPI 2,350.92 -6.96 -0.30 -5.19 JPY100/KRW 1,017.74 1,009.24 988.19 1,025.04 KOSDAQ 831.40 -4.60 -0.55 2.33 EUR/KRW 1,306.34 1,293.98 1,265.25 1,276.63 Dow Jones* 24,252.80 -328.09 -1.33 -2.30 3Y Treasury 2.15 2.14 2.20 1.69 S&P 500* 2,717.07 -37.81 -1.37 0.79 3Y Corporate 2.79 2.78 2.82 2.22 NASDAQ* 7,532.01 -160.81 -2.09 7.49 DDR2 1Gb* 1.35 1.35 1.35 1.23 Philadelphia Semicon* 1,328.04 -42.96 -3.13 3.13 NAND 16Gb* 2.84 2.85 2.90 2.89 FTSE 100* 7,509.84 -172.43 -2.24 -1.81 Oil (Dubai)* 72.81 71.77 75.78 44.17 Nikkei 225 22,342.00 3.85 0.02 -4.95 Gold* 1,265.60 1,267.40 1,303.70 1,256.20 Hang Seng* 28,961.39 -377.31 -1.29 -5.09 Customer deposits (Wbn)* 27,034 27,266 27,864 24,068 Taiwan (Weighted) 10,742.17 -44.29 -0.41 0.29 Equity type BC (Wbn)(Jun. 22) 80,333 80,255 80,461 68,032 Note: * as of June 25, 2018 Source: KSDA, Wisefn, DRAMeXchange, MSCI

KOSPI Top 10 Foreign Net Buy / Net Sell (Wbn) KOSPI Top 10 Institutional Net Buy / Net Sell (Wbn) Net Buy Net Sell Net Buy Net Sell S-Oil 32.60 Samsung Electronics 63.77 Samsung Electronics 94.34 Hyundai Eng. & Cosnt. 14.47 Celltrion 22.02 Hynix 44.79 POSCO 14.54 11.92 DSME 8.34 SEMCO 43.98 KEPCO 14.05 HYUNDAI ROTEM 10.58 Netmarble 8.02 POSCO 33.14 LG Chem 13.18 Asiana Airlines 9.05 LG Corp. 5.73 LG Chem 16.42 Hynix 13.14 KODEX 200 Futures Inverse 2X 7.22 Amore Pacific 5.66 14.22 Samsung SDI 12.72 KODEX KOSDAQ150 LEVERAGE 6.20 HOLDINGS Hyundai Eng. & Cosnt. 4.61 KEPCO 13.69 NHN 12.08 LG Corp. 5.89 Macquarie Korea 4.27 Samsung SDI 12.52 KB Financial Group 8.64 Hyundai Elevator 5.51 Infrastructure Fund 4.19 SAMSUNG BIOLOGICS 11.97 MANDO 7.45 LG Electronics 5.32 Samsung Electronics (P) 4.11 HYUNDAI ROTEM 9.61 Celltrion 6.69 COSMAX 5.26 Source: KSDA, Wisefn

KOSDAQ Top 10 Foreign Net Buy / Net Sell (Wbn) KOSDAQ Top 10 Institutional Net Buy / Net Sell (Wbn) Net Buy Net Sell Net Buy Net Sell Medy-tox 6.32 ViroMed 12.60 ECOPRO 3.42 EDGC 11.16 AbClon 3.36 HLB 6.01 Posco Chemtech 3.15 Cafe24 Corp. 8.38 SillaJen 3.05 Posco Chemtech 5.39 SillaJen 3.09 Celltrion Healthcare 6.26 OSSTEM IMPLANT 3.02 Bosung Power Tec 3.45 Tes 2.88 5.52 Sam Chun Dang Pharm 2.25 Com2us 2.86 Energy Solutions 2.10 Nowcom 3.92 CJ O Shopping 1.98 Tes 2.43 CJ E&M 1.71 Medy-tox 2.93 Yujin Robot 1.43 Daea TI 2.36 Koh Young 1.60 CJ O Shopping 2.73 Emerson Pacific 1.42 SKPI 2.23 YG Entertainment 1.54 PearlAbyss 2.33 Hugel 1.39 Energy Solutions 2.02 ISPLUS 1.50 HLB 1.86 WONIK IPS 1.37 Kortek 1.82 Winix 1.49 BARREL 1.64 Source: KSDA, Wisefn

KOSPI Top 10 by Market Cap (Wbn) KOSDAQ Top 10 by Market Cap (Wbn) Close (W) Chg (W) Mkt Cap Close (W) Chg (W) Mkt Cap Samsung Electronics 47,000 350 301,708 Celltrion Healthcare 109,800 -500 15,429 Hynix 84,300 -500 61,371 SillaJen 77,000 1,700 5,345 Celltrion 301,000 5,000 37,744 Medy-tox 760,000 10,600 4,299 Samsung Electronics (P) 37,800 300 34,157 CJ E&M 96,700 -700 3,745 POSCO 342,000 -12,000 29,818 HLB 100,000 -2,200 3,656 Hyundai Motor 129,500 500 28,526 ViroMed 223,800 -7,100 3,571 SAMSUNG BIOLOGICS 416,000 -4,500 27,525 NANOS 6,580 -300 3,230 LG Chem 348,500 -2,500 24,601 Celltrion 90,500 -700 3,081 NHN 735,000 -13,000 24,228 Studio Dragon 109,000 -2,000 3,056 LG Household & Health Care 1,452,000 -3,000 22,678 PearlAbyss 217,000 -5,900 2,763 Source: